Greenlam Industries Limited (GREENLAM)

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Greenlam Industries Limited (GREENLAM) · mywealthgrid

About

Greenlam Industries manufactures plywood boards and laminates for India's construction, furniture, and interior segments, operating in the Consumer Discretionary sector. With a market cap of ₹6,410.66 Cr, it competes in a commoditized market exposed to housing cycles and raw material price swings. The business has demonstrated 9–13% operating margins across recent quarters, though recent earnings have contracted sharply.

Face value: ₹1

Market cap

₹5,449 Cr

P/E

58.6×

P/B

4.6×

Dividend yield

0.2%

ROE

4.9%

ROCE

9.7%

Debt / equity

0.89

OPM

10.7%

EPS (TTM)

₹3.6

Book value

₹46.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE multiple of 68.98 against ROE of 4.88%—stock appears overvalued relative to current profitability, or earnings are suppressed; verify what normalized returns should be

Earnings instability: net profit collapsed from ₹48.13 Cr (Mar 2026) to ₹22.51 Cr (Jun 2026); one quarter posted a loss (₹-0.59 Cr in Dec 2025)—understand root causes of volatility

Operating margins compressed from 12.74% (Mar 2026) to 9.74% (Jun 2026) in a single quarter; verify whether this signals rising input costs, competitive pricing pressure, or product mix shift

Institutional investor exit despite 12.41% one-year stock returns (FII: 1.78% → 1.47%, DII: 13.97% → 10.9%)—assess whether insiders are signaling valuation concern or other governance issues

Generated analysis · source review pending

Growth drivers

Margin recovery: operating margin fell from 12.74% (Mar 2026) to 9.74% (Jun 2026); returning to prior-quarter levels would substantially lift earnings on ₹584–796 Cr quarterly revenue base

Cash generation capability: three dividend payments and one bonus issuance in 14 months show operating cash flow; sustained revenue growth at current margins would expand absolute profit

Competitive positioning in organized segment: company maintained 9–13% OPM range across all recent quarters while unorganized competitors typically operate at lower margins; verify if this supports market-share gains

Housing cycle recovery: verify residential project pipeline and commercial real-estate activity to assess if sector demand is accelerating and will increase plywood/laminate consumption

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹213.6-0.3%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 20.5% over the last 5 years

Cons

−Low return on equity of 8.2% (3-yr avg)
−Profit declined 5.3% a year over the last 5 years
−Weak interest coverage of 2×
−Low dividend payout of 11% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

33/100

Business quality: 19
Growth: 45
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,281	1,321	1,200	1,703	2,026	2,306	2,569	3,046
COGS	688	670	602	944	1,079	1,087	1,227	1,413
Gross profit	593	650	598	759	947	1,219	1,343	1,633
	434	472	425	572	714	924	1,068	1,308
	159	178	173	187	233	295	275	325
OPM %	12.4%	13.5%	14.5%	11%	11.5%	12.8%	10.7%	10.7%
Depreciation	37	52	56	59	63	87	114	142
Interest	17	22	17	14	23	44	65	96
	2	4	-5	5	18	22	11	2
Profit before tax	106	108	96	119	164	185	106	89
Tax	29	22	22	29	36	47	38	33
Tax %	27.4%	20%	23.2%	24%	22%	25.4%	35.8%	37.3%
	77	87	74	91	128	138	68	56
PAT margin %	6%	6.6%	6.1%	5.3%	6.3%	6%	2.7%	1.8%
EPS (₹)	32	35.9	30.6	7.5	10.3	10.8	2.7	2.2
EPS adjusted (₹)	3.2	3.6	3.1	3.8	5.1	5.4	2.7	2.2
	9.4%	11.1%	16.4%	16%	14.6%	15.2%	14.9%	18.2%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	12	12	12	12	13	13	26	26
Reserves	416	489	561	642	956	1,064	1,101	1,154
Minority interest	0	0	0	1	0	—	—	—
	232	259	248	345	570	999	1,075	1,047
	279	355	356	384	514	660	707	778
Total equity & liabilities	939	1,114	1,178	1,384	2,053	2,736	2,909	3,004
	330	429	413	468	517	986	1,748	1,594
CWIP	19	15	17	8	380	611	28	9
Investments	0	106	106	161	242	147	58	54
	590	564	641	748	913	991	1,075	1,347
Total assets	939	1,114	1,178	1,384	2,053	2,736	2,909	3,004

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Laminates & Allied Products	2,433.33	476.35	1,419.91	592.9	827.01	57.6
Plywood & Allied Products	399.99	-28.73

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	46.3%	49.2%	49.8%	44.6%	46.7%	52.8%	52.3%	53.6%
EBITDA margin %	12.4%	13.5%	14.5%	11%	11.5%	12.8%	10.7%	10.7%
EBIT margin %	9.5%	9.5%	9.8%	7.5%	8.4%	9%	6.3%	6%
PAT margin %	6%	6.6%	6.1%	5.3%	6.3%	6%	2.7%	1.8%
Working capital
Receivable days	51	38	41	28	26	24	22	26
Inventory days	163	202	229	195	174	204	198	197
Payable days	—	—	135	99	91	117	123	131
NWC days	—	—	135	123	108	112	97	92
Leverage
Current ratio	1.42	1.41	1.54	1.69	1.52	1.21	1.17	1.22
Debt to EBITDA	1.46	1.45	1.43	1.85	2.45	3.39	3.92	3.22
Debt to equity	0.54	0.52	0.43	0.53	0.59	0.93	0.95	0.89
Interest coverage	7.3	6	7.4	9.6	8	5.2	2.6	2
Asset turnover	1.36	1.19	1.02	1.23	0.99	0.84	0.88	1.01
Return ratios
Return on assets %	8.2%	7.8%	6.3%	6.5%	6.2%	5%	2.3%	1.9%
Return on capital employed %	22.3%	21%	17.7%	16.8%	16.5%	14.2%	9%	9.7%
Return on equity %	18%	17.3%	12.8%	13.8%	13.2%	12.8%	6.1%	4.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.22%	50.98%	50.98%	50.98%	50.98%	50.98%	50.98%	50.98%	50.98%	50.98%	50.98%	50.98%
	1.37%	1.28%	1.36%	1.77%	1.72%	1.78%	1.76%	1.74%	1.74%	1.74%	1.78%	1.47%
	15.58%	15.54%	15.56%	15.6%	15.63%	15.72%	15.73%	15.15%	14.59%	14.48%	13.97%	10.9%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	31.83%	32.2%	32.1%	31.65%	31.67%	31.52%	31.53%	32.13%	32.69%	32.8%	33.27%	36.65%
No. of shareholders	—	—	—	—	—	—	—	—	16,232	16,983	16,425	16,944

Promoter holding down 0.24 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
UPNISHAD HOLDINGS PRIVATE LIMITEDOther	SellMarket Sale	1,88,72,960	₹458.66 cr	7.40% → 0.00%	17 Sept 20257(2)
SHIV PRAKASH MITTAL ON BEHALF OF TRADE COMBINES, PARTNERSHIP FIRMPromoter Group	SellGift	5,51,800	₹0

26 deals · 6 Aug 2021 – 4 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
4 Dec 2025	DSP MUTUAL FUND	Bulk	NSE	Buy	28,01,996	₹243.50	₹68.23 Cr
4 Dec 2025	HDFC MUTUAL FUND	Bulk	NSE	Sell	26,25,030	₹243.50	₹63.92 Cr
16 Sept 2025	HYDRA TRADING PRIVATE LIMITED	Block	BSE	Sell	94,36,480	₹245.45	₹231.62 Cr
16 Sept 2025	UPNISHAD TRUSTEE ADVISORY SERVICES PRIVATE LIMITED	Bulk	BSE	Buy	94,36,480	₹245.45	₹231.62 Cr
16 Sept 2025	HYDRA TRADING PRIVATE LIMITED	Bulk	BSE	Sell	94,36,480	₹245.45	₹231.62 Cr
16 Sept 2025	UPNISHAD TRUSTEE ADVISORY SERVICES PRIVATE LIMITED	Block	BSE	Buy	94,36,480	₹245.45	₹231.62 Cr
12 Sept 2025	UPNISHAD TRUSTEE ADVISORY SERVICES PRIVATE LIMITED	Block	BSE	Buy	94,36,480	₹240.60	₹227.04 Cr
12 Sept 2025	HYDRA TRADING PRIVATE LIMITED	Block	BSE	Sell	94,36,480	₹240.60	₹227.04 Cr
12 Sept 2025	UPNISHAD TRUSTEE ADVISORY SERVICES PRIVATE LIMITED	Bulk	BSE	Buy	94,36,480	₹240.60	₹227.04 Cr
12 Sept 2025	HYDRA TRADING PRIVATE LIMITED	Bulk	BSE	Sell	94,36,480	₹240.60	₹227.04 Cr

1–10 of 26

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Mr. SHIV PRAKASH MITTALNon-Executive - Non Independent Director-Chairperson related to Promoter
Ashok Kumar SharmaChief Financial Officer
Mr. SAURABH MITTALExecutive Director-CEO-MD
Ms. PARUL MITTALExecutive Director
Mr. SANDIP DASNon-Executive - Independent Director
Ms. MATANGI GOWRISHANKARNon-Executive - Independent Director
Mr. YOGESH KAPURNon-Executive - Independent Director
Mr. RAHUL CHHABRANon-Executive - Independent Director
Mr. JALAJ ASHWIN DANINon-Executive - Non Independent Director
Prakash Kumar BiswalCompany Secretary & Compliance Officer & Asst. Vice President Legal

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

5.73%

of the company's equity

All mutual funds

8.2%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 3 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	1.02 Cr	252.47	1.17%	3.992%	-0
SMALL CAP FUND	Nippon India Mutual Fund	44.23 L	109.64	0.13%	1.734%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	371	0.01	0.01%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

12

Final dividend3 Jul 2026 · ex-date₹0.4
Final dividend20 Jun 2025 · ex-date₹0.4
Final dividend21 Jun 2024 · ex-date₹1.65
Final dividend30 Jun 2023 · ex-date₹1.5
Final dividend7 Jul 2022 · ex-date₹1.2
Final dividend4 Aug 2021 · ex-date₹5
Interim dividend17 Mar 2020 · ex-date₹4
Final dividend1 Aug 2019 · ex-date₹3
Final dividend20 Aug 2018 · ex-date₹2.5
Dividend dividend11 Aug 2017 · ex-date₹1.5
Dividend dividend12 Aug 2016 · ex-date₹1
Final dividend14 Aug 2015 · ex-date₹0.5

1

Board meeting to consider results7 Aug 2026

1

Face value ₹5 → ₹110 Feb 2022 · ex-date

1–3 of 4

1 / 2

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

30 announcementsExport CSV

30 Sept 2026, 8:01 pmCompany Update

Intimation Regarding Receipt Of Show Cause Notice

General PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	46.3%	49.2%	49.8%	44.6%	46.7%	52.8%	52.3%	53.6%
EBITDA margin %	12.4%	13.5%	14.5%	11%	11.5%	12.8%	10.7%	10.7%
EBIT margin %	9.5%	9.5%	9.8%	7.5%	8.4%	9%	6.3%	6%
PAT margin %	6%	6.6%	6.1%	5.3%	6.3%	6%	2.7%	1.8%
Working capital
Receivable days	51	38	41	28	26	24	22	26
Inventory days	163	202	229	195	174	204	198	197
Payable days	—	—	135	99	91	117	123	131
NWC days	—	—	135	123	108	112	97	92
Leverage
Current ratio	1.42	1.41	1.54	1.69	1.52	1.21	1.17	1.22
Debt to EBITDA	1.46	1.45	1.43	1.85	2.45	3.39	3.92	3.22
Debt to equity	0.54	0.52	0.43	0.53	0.59	0.93	0.95	0.89
Interest coverage	7.3	6	7.4	9.6	8	5.2	2.6	2
Asset turnover	1.36	1.19	1.02	1.23	0.99	0.84	0.88	1.01
Return ratios
Return on assets %	8.2%	7.8%	6.3%	6.5%	6.2%	5%	2.3%	1.9%
Return on capital employed %	22.3%	21%	17.7%	16.8%	16.5%	14.2%	9%	9.7%
Return on equity %	18%	17.3%	12.8%	13.8%	13.2%	12.8%	6.1%	4.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Century Plyboards (India) LimitedCENTURYPLYCENTURYPLY	₹14,809 Cr	₹16,439 Cr	₹5,789 Cr	₹720 Cr	12.1%	₹291 Cr	5%	15.4%	10.6%	131
Greenlam Industries LimitedGREENLAMGREENLAM	₹5,449 Cr	₹6,496 Cr	₹3,169 Cr	₹361 Cr	10.7%	₹93 Cr	1.8%	9.7%	4.9%	92
Stylam Industries LimitedSTYLAMINDSTYLAMIND	₹5,442 Cr	₹5,471 Cr	₹1,173 Cr	₹237 Cr	19.5%	₹170 Cr	13.3%	27.6%	20.5%	150
Greenply Industries LimitedGREENPLYGREENPLY	₹3,793 Cr	₹4,282 Cr	₹2,863 Cr	₹287 Cr	9.9%	₹99 Cr	3.3%	18%	10.5%	35
Greenpanel Industries LimitedGREENPANELGREENPANEL	₹1,944 Cr	₹2,212 Cr	₹1,567 Cr	₹246 Cr	15.7%	₹143 Cr	9.1%	12.4%	11.4%	55
Rushil Decor LimitedRUSHILRUSHIL	₹467 Cr	₹726 Cr	₹912 Cr	₹90 Cr	8.1%	₹23 Cr	0.7%	4.9%	1%	-124
Archidply Industries LimitedARCHIDPLYARCHIDPLY	₹203 Cr	₹382 Cr	₹712 Cr	₹48 Cr	6.3%	₹13 Cr	1.2%	17%	7.4%	93
Ecoboard Industries LtdECOBOARECOBOAR	₹156 Cr	₹163 Cr	₹15 Cr	₹-1 Cr	-38.9%	₹11 Cr	-42.2%	-67.2%	-44.7%	119
Duroply Industries LtdDUROPLYDUROPLY	₹105 Cr	₹170 Cr	₹181 Cr	₹-2 Cr	5.2%	₹-2 Cr	0.7%	9.5%	2.1%	115
Archidply Decor LimitedADLADL	₹41 Cr	₹58 Cr	₹46 Cr	₹2 Cr	4.3%	₹-0 Cr	0%	3.6%	0%	417
Adhata Global LtdADHHATAADHHATA	₹10 Cr	₹10 Cr	₹17 Cr	₹2 Cr	-43.3%	₹2 Cr	-49.5%	-48.5%	-79.6%	408

Date	Category	Subject	Filing
30 Sept 2026, 8:01 pm	Company Update General	Intimation Regarding Receipt Of Show Cause Notice	PDF
30 Sept 2026, 12:33 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
22 Sept 2026, 10:38 am	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
4 Sept 2026, 5:40 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
3 Sept 2026, 6:38 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
3 Sept 2026, 3:07 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
26 Aug 2026, 2:44 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
17 Aug 2026, 5:04 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	64	96	213	71	175	194	205	292
	-57	-54	-154	-136	-541	-527	-167	-80
	-6	-22	-71	62	366	350	-28	-191
Net cash flow	1	20	-12	-3	0	17	10	21
Free cash flow	6	41	163	-16	-297	-442	-63	201
CFO / Operating profit %	40.4%	54%	122.9%	38.1%	75.2%	65.7%	74.6%	90%

Greenlam Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

12

1

1

Announcements

12

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Chipboard & Allied Products · revenue

Greenlam Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends12

Board meetings1

Stock splits1

Announcements

Dividends12

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Chipboard & Allied Products · revenue

12

1

1

12

1

1